Age-based options—Simplify how you invest

Our age-based options are simple, yet sophisticated. They're designed for higher education and managed for you, so they
auto-adjust, making them a popular choice with savers.

If you're investing for K–12 goals, you should consider individual portfolios. Age-based options are generally
designed for higher-education savings and may be not be appropriate for K–12 time horizons.

To get started investing for higher-education goals, pick one savings track that matches your risk tolerance, and then we'll
gradually move your savings through a series of portfolios that become more conservative over time.

For instance, if your child is 7 years old and you choose the moderate option, you'll start off in a portfolio with 70%
stocks and 30% bonds and then transition to one with 75% bonds and 25% short-term investments by the time he or she is
ready for college.

As your child grows, you should periodically review your investments in case your comfort with risk or personal situation
changes. Whichever track you choose, your savings become less subject to market risk as your child approaches college
age.

All investing is subject to risk, including the possible loss of the money you invest. Prices of mid- and small-cap stocks often fluctuate more than those of large-company stocks. Foreign investing involves additional risks, including country/regional risk and currency risk. These risks are especially high in emerging markets. Investments in bonds are subject to interest rate, credit, and inflation risk. Investments are not guaranteed or insured.

Vanguard Conservative Income Portfolio and Vanguard Interest Accumulation Portfolio both invest in Vanguard Short-Term Reserves Account, which, in turn, invests in Vanguard Federal Money Market Fund. Vanguard Short-Term Reserves Account could lose money by investing in Vanguard Federal Money Market Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

For more information about MOST—Missouri's 529 Savings Plan, download a Program Description, Privacy Policy, and Participation Agreement or request one by calling 888-414-MOST. Investment objectives, risks, charges, expenses, and other important information are included in this document; read and consider it carefully before investing. Vanguard Marketing Corporation, Distributor and Underwriter.

If you are not a Missouri taxpayer, consider before investing whether your or the designated beneficiary's home state offers any state tax or other benefits that are only available for investments in such state's qualified tuition program. Other state benefits may include financial aid, scholarship funds, and protection from creditors.

Missouri taxpayers can use MOST 529 assets to pay for K–12 tuition at public, private, and religious institutions, with no Missouri state tax consequences. State tax treatment of K–12 withdrawals is determined by the state where the taxpayer files state income tax. If you're not a Missouri taxpayer, please consult with a tax advisor.

Federal legislation allows rollovers from 529 plans to Achieving a Better Life Experience (ABLE) accounts without incurring federal taxes up to the annual ABLE contribution limit. Missouri doesn't currently allow for rollovers of MOST 529 assets to ABLE accounts without incurring Missouri state taxes. We suggest MOST 529 account owners consult with a tax advisor.

The Missouri Higher Education Savings Program (the "Program Trust") is a trust created by the State of Missouri. When you invest in MOST—Missouri's 529 Savings Plan (the "Plan"), you are purchasing portfolio units issued by the Program Trust. Portfolio units are municipal securities. The Plan has been implemented and is administered by the Missouri Higher Education Savings Program Board (the "Board"). Ascensus College Savings Recordkeeping Services, LLC, serves as the Program Manager and Recordkeeping and Servicing Agent, and together with its affiliates, has overall responsibility for the day-to-day operations of the Plan. The Vanguard Group, Inc., serves as Investment Manager for the Plan. Vanguard Marketing Corporation, an affiliate of The Vanguard Group, Inc., markets and distributes the Plan. The Plan's portfolios, although they invest in mutual funds, are not mutual funds.

Investment returns are not guaranteed, and you could lose money by investing in the Plan. Participants assume all investment risks, including the potential for loss of principal, as well as responsibility for any federal and state tax consequences.

Upromise and the Upromise logo are registered service marks of Upromise, Inc. Vanguard and the ship logo are trademarks of The Vanguard Group, Inc. Ugift is a registered service mark of Ascensus Broker Dealer Services, LLC.